Third Day Of Asian Market Gains

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Asian markets head higher, even though the Japanese index Nikkei closed in the red during first part of the trading session.

With the exception of the Japanese and Singapore stock markets, all major equity markets from the Asian region are trading in the green, helped by the better than expected U.S. GDP report released on Friday, Mitsubishi Financial Group’s better than expected quarterly results, and after the Chinese Manufacturing PMI expanded for a third month in July.

However, there were also some downbeat reports during the Asian session, like the Japanese Average Cash Earnings, which showed Japanese wages declined at the fastest pace on record in June, adding additional fears that the economy may face a long deflationary period, TheLFB-Forex.com Trade Team said.

Helped by tonight’s gains, Asian markets are heading higher for the third consecutive day. The best performing market in the Asian region was the Indian Stock Exchange, which advanced 1.80% so far. The second biggest stock market from the Asian region by size, the Shanghai Stock Exchange gained 1.10%, similar to how the other indexes performed on Sunday. However, the Chinese stock market is heading higher for the seventh consecutive month, making it the best performing equity market during 2009, while the Hong Kong stock market headed higher for five consecutive months.

Overnight, the Japanese Nikkei fell 28.51 points (0.28%) to 10,328.32. The Australian S&P/Asx advanced 29.10 points (0.68%) to 4,273.10.

Crude oil for August delivery was recently trading at $69.80 per barrel, higher by $0.40.

Gold for August delivery was recently trading higher by $0.40 to $956.20.

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